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South Korea’s ruling party, the Democratic Party of Korea (DPK), has announced that it will roll out non-fungible tokens (NFTs) to raise funds for a presidential election. The NFTs will depict the image of the DPK’s presidential candidate Lee Jae-Myung and act as a bond, giving holders the ability to exchange the tokens with one another.
Newspaper publisher the Korea Times broke the news yesterday, noting that the initiative would begin this month. If it goes through with its plan, the DPK will become the first political party in the world to introduce digital collectibles in campaigns.
South Korea’s DPK has Entered Long Talks with Government to Ensure Compliance
Meanwhile, the ruling Korean party asserted that the NFTs-based fundraiser does not violate the Political Funds Act or the Public Official Election Act. National Assembly Rep. Lee Kwang-Jae revealed that members of the party have been in thorough discussions on the matter with government institutions over the past eight months. Kwang-Jae added that: “The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds.”
The South Korean presidential election is scheduled to take place on March 9, 2022, with 57-year-old Lee Jae-Myung representing the DPK. Many believe that the initiative is targeted at the young population of Korean voters, specifically those within the ages of 20 and 30–the most active demographic in the cryptocurrency space.
In a recent interview, Lee Jae-Myung asserted that South Korea needs to lead the global trend by embracing NFTs and digital assets at all levels. The presidential aspirant noted that:
“If we deny what actually exists, it will be similar to an isolationist foreign policy.”
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